Exhibit 4.48


 


	Contract
    No.: 001202021K0027201B	Liandai
    Technology (Sales Department)





 


Maximum
Mortgage Contract


 


[Unofficial
English Translation]








 


 








 


Shenzhen
Rural Commercial Bank





 




     


     


    

 





Column
of Parties to the Contract:


 


Credit
Grantor (Mortgagee): Shenzhen Rural Commercial Bank Longhua Sub-branch


 


Legal
Representative/Person in Charge: Liu Yachun


 


Address:
No. 1003, Minzhi Avenue, Longhua District, Shenzhen Tel.: 28192182


 


Mortgagor:
Bao Minfei


 


ID
Card No.: 510402197304140958


 


Legal
Representative/Person in Charge:


 


In
order to guarantee the performance of debts under the Credit Contract signed between the Credit Grantor and the Credit Applicant
(hereinafter referred to as the “Master Contract”), the Mortgagor voluntarily provides the Credit Grantor with the maximum
mortgage guarantee on behalf of the Credit Applicant on the premise of fully knowing and recognizing all the agreements in the Master
Contract. The Credit Grantor and the Mortgagor shall enter into this Contract for mutual compliance on the basis of equality and voluntariness
in accordance with the relevant laws and regulations of the People’s Republic of China.


 


This
Contract is made in quadruplicate, with the Credit Grantor holding two counterparts, and the Credit Applicant, Mortgagor and mortgage
registration department holding one counterpart respectively. The counterparts shall be equally effective. The contract number is
001202021K0027201B.


 


Article
1 The Master Contract mentioned in this Contract refers to the Credit Contract numbered 001202021K00272 signed by and
between United Time Technology Co., Ltd. and the Credit Grantor. The Mortgagor shall abide by and perform all relevant clauses of
the Master Contract and this Contract.


 


Article
2 The Mortgaged Property used by the Mortgagor for mortgage shall be specified in the List of Mortgaged Property, which is an
integral part of this Contract.


 


Article
3 The scope of mortgage guarantee shall be all arrears owed by the Credit Applicant to the Credit Grantor under the Master Contract.
Where the scope of mortgage guarantee is separately agreed in this Contract as part of the credit line under the Master Contract, the
Mortgagor shall also bear joint and several guarantee liability for all arrears arising from such part of credit line. “Arrears”
is defined in Article 7 of the Master Contract.


 


Article
4 Mortgage Guarantee Clause


 


(I) The
maximum amount of creditor’s rights guaranteed under this Contract shall be the amount determined by method A below:


 


A.
The maximum amount of creditor’s rights is (in words) RMB three million yuan only (in number) ¥3,000,000.00;


 


B.
(1) A principal of (in words) RMB ------ yuan (in figures) ¥ ------ and the interest, penalty interest, compound interest,
liquidated damages, damages; (2) Costs incurred to the Credit Grantor in excising the real rights under this Contract, keeping the guarantee
and realizing the right for the guarantee (including but not limited to fees and expenses of legal, arbitration, preservation, travel,
execution, evaluation, auction, audit, inquiry, notarial, delivery, announcement, attorney and etc.); (3) All losses and other expenses
payable by the Credit Grantor due to the Credit Applicant’s breach of contract; (4) All expenses and losses arising from the creditor’s
rights; and (5) Related expenses paid by the Credit Guarantor on behalf of the Credit Applicant.


 


(II) This
mortgage guarantee shall be permanently valid, irrevocable and unconditional, and the guarantee liabilities of the Mortgagor shall not
be reduced or exempted due to any of the following circumstances.


 


1. Fraud,
reorganization, suspension of business, bankruptcy or change or loss of civil qualifications of the Credit Applicant or other guarantors;


 


2. If
the Credit Applicant or other guarantor violates the Master Contract and other guarantee contracts, the Credit Grantor shall take sanction
measures for breach of contract;


 






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3. If
the Credit Applicant and the Credit Grantor reach a reforming, reorganization or settlement agreement on the debts under this Master
Contract.


 


(III)
If there are multiple guarantees in the Master Contract or multiple mortgaged properties in this Contract, all guarantees and mortgaged
properties shall independently bear joint and several guarantee liabilities for all arrears under the Master Contract. If the Credit
Applicant breaches the contract, the Credit Grantor has the right to require all Mortgagors to immediately perform the guarantee liabilities
individually or jointly. The Credit Grantor shall have the right to waive, change or relieve the guarantee liabilities of one Guarantor,
and the Mortgagor shall still perform the guarantee liabilities to the arrears according to the agreement in this Contract.


 


(IV) If
mortgage registration and notarization is required according to law, the Mortgagor shall handle it in time according to the requirements
of the Credit Grantor, and the relevant expenses shall be borne by the Mortgagor. From the date of registration, the original certificate
of Property Right Certificate of Mortgaged Property or Certificate of Use Right and the registration certificate shall be possessed and
kept by the Credit Grantor.


 


(V) In
case of major changes in the Morgator or the Mortgaged Property that may affect the Morgator’s ability, the Credit Grantor shall have
the right to require the Credit Applicant or Morgator to separately provide a full guarantee and cooperate in handling relevant formalities
on assessment, registration, etc. If the Mortgaged Property is damaged, lost or otherwise damaging the Credit Grantor’s rights due to
the fault of the Morgator, the Morgator shall bear joint and several liabilities for the losses caused to the Credit Grantor regardless
of the cause of the infringement and the infringer.


 


(VI)
During the performance of the Master Contract, any change to the Master Contract between the Credit Grantor and the Credit Applicant
shall not require the consent of the Mortgagor except for the extension of the loan or the increase of the loan principal. The Mortgagor
shall not be exempted from liability for the change of the Master Contract.


 


(VII) If
the Credit Applicant fails to pay off the arrears on time and claims the mortgage right, resulting in the Mortgaged Property being sealed
up or detained by the people’s court according to law, the Credit Grantor shall have the right to collect the natural income separated
from the Mortgaged Property and the legal income collected by the Mortgagor on Mortgaged Property.


 


(VIII) Without
the written consent of the Credit Grantor, the Mortgagor shall not dispose of the Mortgaged Property in any form such as transfer, division,
re-mortgage, debt repayment, etc. or set restrictions that hinder the Credit Grantor from exercising the mortgage right. If the mortgaged
property is transferred without the written consent of the Credit Grantor, the Credit Grantor has the right to demand to pay the debts
or exercise the mortgage right in advance. Without the written consent of the Credit Grantor, it is not allowed to lease the mortgaged
property, create the right of residence or the easement and other rights burdens on it. Otherwise, the Credit Grantor has the right to
demand to pay the debts or exercise the mortgage right in advance and to require the mortgagor to bear joint and several guarantee liabilities
for the exercise of all principal creditor’s rights.


 


(IX)
If the guarantee scope of this Contract is part of the credit line and related arrears under the Master Contract, the Mortgagor promises
that when the effective credit line amount (including unused line) under the Master Contract is higher than the credit line amount within
the guarantee scope of this Contract, the guarantee scope of this Contract will not be narrowed due to the installment repayment or partial
settlement of the credit line under the Master Contract.


 


(X)
After all the arrears under this Contract are repaid, the Real Right Certificate and Property Insurance Policy kept by the Credit Grantor
shall be returned to the Mortgagor, and the Credit Grantor shall assist the Mortgagor in handling the formalities for cancellation of
mortgage registration. If the ownership of the same Mortgaged Property belongs to two or more persons, the Credit Grantor shall be
deemed to have fulfilled the obligation of return to all parties concerned if it returns the Real Right Certificate and Property Insurance
Policy to one of the owners.


 


(XI)
The Mortgagor shall obtain the written consent of the Credit Grantor before renting the Mortgaged Property or investing the Mortgaged
Property at a fixed price. During the Mortgage Period, the mortgaged property shall be kept by the Mortgagor or its entrusted agent,
who shall be responsible for repairing and maintaining the mortgaged property and ensuring that the mortgaged property is in good condition,
and shall be subject to inspection by the Credit Grantor from time to time.


 


(XII)
The Mortgagor confirms that no matter what method the Credit Applicant and the Credit Grantor adopt to enter an item of expenditure in
the accounts, the amount, term and repayment method of credit funds including loans that do not exceed the Credit Line shall be determined
by the Credit Applicant and the Credit Grantor, and the Mortgagor shall know all about this and have no objection.


 


Article
5 If the Credit Applicant (Debtor) fails to perform the due debt and the Credit Applicant or the Mortgagor breaches the Contract,
the Credit Applicant may agree with the Mortgagor to discount the Mortgaged Property or give priority to compensation with the proceeds
from auction or sale of the Mortgaged Property. Where no agreement on the means of exercising the mortgage right is achieved between
the Credit Applicant and the mortgagor, the mortgagee may require the people s court to auction or sell off the mortgaged property.


 


Article
6 When exercising the right of recourse, the Mortgagor shall not harm the interests of the Mortgagee (Credit Grantor).


 






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Article
7 Insurance


 


(I)
If required by the Credit Grantor, the Mortgagor shall, before the release of the loan, buy insurance of the Mortgaged Property according
to the types, period and amount of the insurance, and qualification of insurer required by the Credit Grantor, and the original insurance
policy shall be handed over to the Credit Grantor for safekeeping.


 


(II) If
the Credit Grantor is the beneficiary of the Mortgaged Property insurance, subject to any of the following conditions, the insurance
expenses shall be jointly borne by the Credit Grantor and the Mortgagor in a ratio of 3:7. Otherwise, the insurance cost shall
be borne by the Mortgagor.


 


1. The
main body of Credit Applicant is a small or micro-enterprise.


 


2. The
main body of Credit Applicant is individual industrial and commercial households or small and micro-enterprise, and the loan is used
for production and operation.


 


(III) The
insurance compensation shall be used to repay the arrears under the Master Contract, and the Mortgagor shall irrevocably authorize the
Credit Grantor to receive the insurance compensation on its behalf and to have priority to receive compensation of the mortgaged creditor’s
rights. For the insufficient part, the Credit Grantor shall have the right to dispose of the Mortgaged Property in accordance with the
provisions of the Civil Code of the People’s Republic of China and shall return the excess part to the beneficiary in the next
order.


 


(IV) The
Mortgagor guarantees to pay the insurance premium on time and shall not surrender the insurance during the mortgage period. If the Credit
Applicant fails to pay off the arrears during the mortgage period or at the expiration of the insurance period, and if the insurance
is interrupted or not renewed, the Credit Applicant shall have the right (but no obligation) to buy the insurance on its behalf. All
relevant expenses shall be paid by the Mortgagor, and the Credit Applicant shall be jointly and severally liable for repayment. The losses
caused by the interruption of the insurance shall be assumed by the Mortgagor.


 


Article
8 Special Declaration and Warranty of the Mortgagor (hereinafter referred to as the “Declarant”)


 


1. The
Declarant shall have the complete capacity for civil rights and civil conducts or the capacity for civil rights and civil conducts that
will not affect the legal effect of this Contract.


 


2. The
Declarant promises to abide by the principle of good faith. All information provided by the Declarant to the Credit Grantor before and
after the release of shall be true, accurate, complete, legal and effective, and shall not contain any major errors or omissions that
are inconsistent with the facts.


 


3. The
Declarant has been fully authorized or approved by the superior department or the unit’s competent decision-making body to sign this
Contract, and this Contract shall have legal and effective binding force on the Declarant from the date of signing.


 


4. The
signing of this Contract is the true intention of the Declarant, and there is no fraud or coercion.


 


5. During
the effective period of this Contract, if any major event that affects the performance of its obligations under this Contract or may
adversely affect the Declarant and its main property is occurred or planned to be carried out on the Declarant, the Declarant shall immediately
notify the Credit Grantor in writing and provide relevant explanatory materials, meanwhile, it shall actively implement the guarantee
measures for repayment of the arrears under this Contract according to the requirements of the Credit Grantor. Major events that may
have adverse effects include:


 


a. The
change or modification of the equity structure, industrial and commercial registration, business scope and articles of association of
the company, or the contracting, leasing, shareholding system reform, joint operation, merger (consolidation), division, equity restructuring,
and other forms of alteration of property right or adjustment of the business model such as joint investment and cooperating with foreign
investors;


 


b. The
Declarant or its main management personnel (such as legal representatives, directors, financial officers, etc.) are involved in party
(government) discipline investigation, major economic disputes, litigation, arbitration or criminal, administrative punishment, seizure,
detention or other disputes;


 


c. Its
business license is revoked, the company is dissolved, closed down, suspended, declared bankrupt, or itself is unemployed, dead (including
declared dead) or missing (including declared missing);


 


d. The
Declarant or its controlling shareholders or actual controllers have suffered heavy losses or deficits;


 


e. The
ownership disputes occur over secured properties, other major properties and settlement accounts, or the preservation measures are taken;


 


f. Other
major matters that may affect its solvency or guarantee ability, or circumstances that endanger the safety of the creditor’s rights of
Credit Grantor.








 






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6. The
signing of this Contract or the performance of its obligations under this Contract by the Declarant does not violate any other contracts
entered into by the Declarant, nor does it cause any conflicts in laws and commercial interests with other contracts entered into by
the Declarant.


 


7. The
laws and regulations of the state shall be strictly abode by to carry out production and business, and the formalities for the annual
inspection and annual review shall be handled on time.



 


8.
Any creditor’s rights that have expired or not have expired shall not be given up, and the existing main property and creditor’s rights
shall not be disposed free of charge or in other inappropriate ways.


 


9. The
Guarantor shall have legal, complete and undisputed ownership or disposition of the secured properties, which shall not be used to provide
guarantee for any third party before this Contract. The Guarantor has not entered into a mortgage contract, a pledge contract or any
other contract bearing the function of security with any third party.


 


10. The
Declarant shall not transfer any rights and obligations under this Contract without the written consent of the Credit Grantor.


 


11. During
the existence of loan, the post loan inspection conducted by the Credit Grantor to the Declarant or secured properties shall be unconditionally
accepted, and all necessary materials including but not limited to financial statements, bank account settlement statements, and tax
payment vouchers shall be provided as required by the Credit Grantor.


 


Article
9 The Mortgagor shall enjoy the following rights


 


1. Know
the repayment and arrears under the Master Contract from the Credit Grantor.


 


2. Have
the right to require the Credit Grantor to keep confidential the production, operation, property, account and other information provided
by the Mortgagor, except as otherwise agreed by laws, regulations and the Master Contract.


 


Article
10 Breach Clauses


 


(I)
If the Mortgagor fails to perform any agreement in this Contract and the Master Contract, or if the “special statements and warranties”
made by the Credit Applicant or Guarantor are false or faulty or are not performed, it shall be deemed as a breach of Contract and the
Credit Applicant or Guarantor shall bear the liability for the breach of Contract according to law.


 


(II) Without
the written consent of the Credit Grantor, the Mortgagor shall not terminate this Contract for any reason including but not limited to
the breach by either party to the Master Contract.


 


(III) In
case of the following circumstances, the Credit Grantor has the right to terminate this Contract, announce that all the issued loans
are due ahead of schedule, stop issuing the unissued loans, and the Mortgagor shall immediately perform the guarantee responsibility
according to the requirements of the Credit Grantor:


 


1. 1.
The credit status of the Credit Applicant and the Mortgagor declines or the credit record deteriorates;


 


2. The
Credit Applicant or any Guarantor fails to perform the special terms agreed in the Article 14 of this Contract;


 


3. The
Credit Applicant transfers the credit funds or purchases other financial products for arbitrage;


 


4. Part
of the Master Contract or the Contract is invalid or violates laws and regulations for whatever reason;


 


5. The
loan behavior under the Master Contract and the guarantee behavior under this Contract do not conform to the new laws and regulations
due to the change of applicable laws and regulations;


 


6. Changes
in national laws and regulations or local government policies (including the financial management policies of the People’s Bank of China,
China Banking and Insurance Regulatory Commission and other regulatory agencies) occur, leading to changes in the loan policy of the
Credit Grantor or violations of relevant policies and regulations in the Master Contract or this Contract.


 


(IV) If
the Credit Applicant and any Guarantor breach the contract, the Credit Grantor has the right to take the following sanctions for the
breach of contract respectively or simultaneously, and the Mortgagor shall not raise any objection to these sanctions:


 


1. Require
the Credit Applicant and the Guarantor to correct the acts breaching the contract or increase the measures to guarantee the repayment
of arrears under the Master Contract;


 


2. Refuse
any withdrawal application from the Credit Applicant;











 






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3. Require
the Credit Applicant to repay (on schedule or in advance) the loans and arrears issued;


 


4.
Directly deduct the deposits in accounts opened by the Credit Applicant or Guarantor in any business institutions of Shenzhen Rural
Commercial Bank Co., Ltd. to pay off the arrears of the Credit Applicant, which shall not constitute an obligation;



 


5.
Have the right to require the Guarantor to perform the guarantee liabilities and pay off or pay off in advance all the arrears under
this Contract on behalf of the Credit Applicant;


 


6. Have
the right to charge liquidated damages not exceeding 10% of the amount of the loan that the Credit Applicant fails to pay and use as
agreed;


 


7.
Suspend/terminate the execution of the Contract or unilaterally terminate the Contract;



 


8. Have
the right to implement credit sanctions in accordance with relevant regulations of the People’s Bank of China;


 


9. Collect
by carrying out legal procedures in accordance with the law.


 


(V)
In any of the following circumstances, the Credit Grantor shall have the right to immediately bring a lawsuit or arbitration to collect
the loan and other arrears:


 


1. The
Credit Applicant fails to repay the principal and interest of the loan in full and on time as agreed in this Contract;


 


2. The
Credit Applicant or Guarantor provides false loan application information or post loan inspection information to the Credit Grantor;


 


3. The
Credit Applicant fails to use the loan for the purpose agreed in this Contract or fails to make payment according to the agreed payment
method;


 


4. The
Credit Applicant or Guarantor breaches the Contract and fails to correct, repay or assume the guarantee liabilities as required by the
Credit Grantor;


 


5. The
Credit Applicant or Guarantee breaches the Contract and the Credit Grantor believes that it damages its legitimate rights and interests.


 


(VI)
During the performance of the Master Contract and this Contract, the Credit Grantor’s consent to bear, extend a time limit or postpone
the performance for any breach of Contract by the Credit Applicant or Guarantor, or the postponing of the execution of the rights and
interests that the Credit Grantor shall enjoy under this Contract shall not affect, damage or restrict the rights and interests that
the Credit Grantor shall enjoy in accordance with the law or under this Contract, nor shall it be regarded as the permission or recognition
of the Credit Grantor for any breach of Contract, or the Credit Grantor’s waiver of the right to take actions against the existing or
future breach of Contract.


 


Article
11 Requirements of the Credit Grantor and the Mortgagor on the relevant notices of this Contract and the Master Contract:


 


1. The
Credit Grantor’s notice or request to the Mortgagor may be delivered by hand, letter, media (including the Credit Grantor’s website,
the same below), e-mail, short message, telephone, instant messaging, fax, etc. If the letter is sent by registered mail or express delivery,
it shall be deemed to have been delivered three days after it is sent; if delivered by hand, it shall be deemed as delivered if it is
accepted by the recipient, and if the recipient refuses to accept it, it shall be deemed to have been served on the date of rejection.


 


2. The
notice or request of the Mortgagor to the Credit Grantor shall be made in writing and shall not be deemed to have been delivered until
the Credit Grantor actually signs for it.


 


3. The
address of the Credit Grantor shall be subject to the stipulations in this Contract, and any change shall be announced in the media.
If the Mortgagor is a legal person or an unincorporated organisation, the correspondence address shall be subject to the address recorded
on the legal registration certificate; if it is a natural person, the address or ID card address recorded in the information provided
by the such natural person to the Credit Grantor shall prevail; if there is any change, the Credit Grantor shall be notified in writing.


 


Article
12 The signing, interpretation and matters not covered in this Contract shall be governed by the laws of the People’s Republic of
China. Any dispute in the performance of the Contract shall be settled by the parties through negotiation. If the parties fail to reach
an agreement through negotiation, the dispute shall be settled in the manner agreed in Article 5 of the Master Contract. During
the period that the dispute fails to be unresolved, the parties shall continue to perform other clauses stipulated in the Contract, except
for matters in dispute.


 









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Article
13 This Contract shall come into force after the personnel of each party with the right of signing have signed it (if the party concerned
is a legal person or an unincorporated organization, its official seal or special seal for Contract shall be affixed) and the mortgage
guarantee procedures agreed in this Contract have been handled, and it shall be automatically invalid until the arrears under the Master
Contract are paid off.


 


Article
14 Special Terms Agreed Between the Parties In case of any inconsistency between other clauses of this Contract and this clause, this
clause shall prevail.


 


See
the Master Contract for details.






 


Article
15 Unless otherwise agreed in this Contract, the interpretation of words in this Contract shall be subject to the Master Contract. Matters
not agreed in this Contract shall be subject to the Master Contract. In case of any inconsistency between this Contract and the Master
Contract, this Contract shall prevail.


 


Important
Information:


 


All
terms of this Contract have been fully negotiated by the parties. The Credit Grantor (hereinafter referred to as “the Bank”)
has requested the other parties concerned to read all the terms and conditions and paid special attention to the terms and conditions
regarding the exemption or limitation of the Bank’s responsibilities, the certain rights unilaterally possessed by the Bank, the increase
of the responsibilities of the other parties concerned or the limitation over the rights of the other parties concerned, and has made
a full and accurate understanding of them. The Bank has made corresponding explanations on the terms of this Contract at the request
of other parties concerned, and the parties to the Contract have the same understanding of the terms of this Contract.


 


The
Column for the Signature and Seal of the Parties Concerned:


 





	Credit Grantor	Shenzhen Rural Commercial Bank (Seal)
	 	 
	Legal
    representative/person in charge:	/s/
    Yachun Liu
	 	 
	Mortgagor:	/s/
    Minfei Bao (Fingerprint affixed)
	 	 
	Legal representative/person
    in charge:	 


  


June 29, 2021


 


	Contract
    Version No.: Maximum Mortgage Contract, 2nd Edition 2021	Commissioning
    Date: January 2021
	 	Drafted
    by:


 


 


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